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  2 4  6    8   10   12  14 16  18  20        22  24  26          28  30       32  34  36       FINAL38  40 DRAFT42  44  4610/24/2348  50 52  54  56  58  60  62 64  66                            68  70 72  74  76 78  80 82  84  86
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    4                                                                                           Line 16- .03 changed to .05                                                                                                 4
    5                                                                                                                                                                                                                       5
    6                                                                                                                                                                                                                       6
    7                                                                                                                                                                                                                       7
       2023 M15C, Additional Charge for Underpayment of Estimated Tax
    8  C corporations must use Schedule M15C to determine the additional charge for underpayment of estimated tax.                                                                                                          8
    9                                                                                                                                                                                                                       9
    10 NAME OF CORPORATIONXXXXXXXXXXXXXXXXXXXXXXXX                                                                                        123456789                                             123456789                   10
    11 Name of Corporation/Designated Filer                                                                                               FEIN                                                  Minnesota Tax ID            11
    12                                                                                                                                                                                                                      12
    13                                                                                                                                                                                          You must round amounts      13
                                                                                                                                                                                                to nearest whole dollar.
    14                                                                                                                                                                                                                      14
    15   1 Enter your 2023 tax (see instructions)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . .  . 1   123456789                15
    16     If less than $500, do not complete this form. You owe no additional charge.                                                                                                                                      16
    17   2  Enter your 2022 tax (see instructions)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . .  . 2  123456789                17
    18                                                                                                                                                                                                                      18
    19   3  Required annual payment . Enter the amount from line 1 or line 2, whichever is less   . . .  . . . . . .  . . . . .  . . . . . . .  . . .  . 3                                         123456789                19
    20      Exceptions: If you did not file a 2022 return or filed a return for less than a full 12-month period                                                                                                            20
    21     in the preceding tax year, or you did not have a 2022 tax liability, you must enter the amount                                                                                                                   21
    22     from line 1 . Large corporations, read special instructions on back and enter the amount from line 1.                                                                                                            22
    23                                                                                                                                                                                                                      23
    24                                                                                          1st Quarter                      2nd Quarter          3rd Quarter                                      4th Quarter          24
    25                                                                                                                                                                                                                      25
    26   4  Enter the due dates(see instructions)  . . .  . . . . . .  .4 .                   123456789                         123456789             123456789                                    123456789                26
    27                                                                                                                                                                                                                      27
    28   5  Required installments(see instructions)                  . . .  . . . . . .5    123456789                           123456789             123456789                                    123456789                28
    29                                                                                                                                                                                                                      29
    30   6  Amount paid each period(see instructions)                      . . .  . . .6      123456789                         123456789             123456789                                    123456789                30
    31     Complete lines 7–13 for one column before                                                                                                                                                                        31
    32     completing the next column. For the first column                                                                                                                                                                 32
    33     only, enter the amount from line 6 on line 10 .                                                                                                                                                                  33
    34   7  Enter the amount from line 13 of the previous column   . . . .  . . . . . .  . .7 .                                 123456789             123456789                                    123456789                34
    35                                                                                                                                                                                                                      35
    36   8  Add lines 6 and 7  . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . .8 .  . .123456789            123456789                                    123456789                36
    37                                                                                                                                                                                                                      37
    38   9  Add lines 11 and 12 of the previous column    . . . . .  . . . . . .  . . . . . .  . . .9 . .                       123456789             123456789                                    123456789                38
    39   10 Subtract line 9 from line 8 .                                                                                                                                                                                   39
    40     If result is zero or less, leave blank   . . .  . . . . . .  . . .10               123456789                         123456789             123456789                                    123456789                40
    41   11 Remaining underpayment from previous                                                                                                                                                                            41
    42     period . If line 10 is zero, subtract line 8                                                                                                                                                                     42
    43      from line 9. Otherwise, leave blank  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  .11 .  .              123456789             123456789                                    123456789                43
    44   12  UNDERPAYMENT. If line 10 is less than or                                                                                                                                                                       44
    45    equal to line 5, subtract line 10 from line 5,                                                                                                                                                                    45
    46     enter the result and go to line 6 of the next                                                                                                                                                                    46
    47     column . Otherwise, go to line 13    . .  . . . . . .  . . . . .12               123456789                           123456789             123456789                                    123456789                47
    48   13  OVERPAYMENT. If line 5 is less than line 10,                                                                                                                                                                   48
    49     subtract line 5 from line 10 and enter the                                                                                                                                                                       49
    50     result . Go to line 6 of the next column   . . .  . . . . . .             13     123456789                           123456789             123456789                                    123456789                50
    51  14  Date underpayment is paid or the 15th day                                                                                                                                                                       51
    52     of the third month following the tax year,                                                                                                                                                                       52
    53     whichever is earlier  . . .  . . . . . .  . . . . .  . . . . . . .  . . . .14    123456789                           123456789             123456789                                    123456789                53
    54 15    Number of days from the due date on                                                                                                                                                                            54
    55     line 4 to the date on line 14  . . .  . . . . . .  . . . . . .  . . . 15         123456789                           123456789             123456789                                    123456789                55
    56   16 Additional charge                                                                                                                                                                                               56
    57      (line 15 ÷ 365  .05 × × line 12)  . . .  . . . . . .  . . . . .  . .16 .        123456789                           123456789             123456789                                    123456789                57
    58                                                                                                                                                                                                                      58
    59  17 TOTAL. Add amounts on line 16 . Enter this amount on M4, line 14  . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  .  .17                               123456789                59
    60       Attach this schedule to your Form M4.                                                                                                                                                                          60
    61                                                                                                                                                                                                                      61
    62                                                                                                                                                                                                                      62
    63                                                                                                          9995                                                                                                        63
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                                                                FINAL DRAFT 10/24/23
2023 Schedule M15C Instructions

This schedule is not required if you are filing your first Minnesota tax return.

Figuring the Underpayment
Line 1
Enter your 2023 tax from Form M4, line 1, less any credits reported on Form M4, lines 4 and 5 
Line 2
Enter your 2022 tax from your 2022 Form M4, line 1, less any credits reported on your 2022 Form M4, lines 4 and 5.  
Line 4
The due dates of the installments are the 15th day of the third, sixth, ninth and 12th months of the taxable year.
If you have a short taxable year, the installments are due on the 15th day of the third, sixth, ninth and final months. No installment is 
required for a short taxable year of fewer than four months.
Line 5
Each required installment is 25 percent of the amount on line 3 unless you use an alternative method (see “Alternative Methods”). 
Large corporations, read the special instructions under “Alternative Methods.”
To determine the amount of each required installment for a short taxable year, divide the amount on line 3 by the number of installments 
due. 
Line 6
In the first column, enter payments made by the 15th day of the third month of the tax year. Include any overpayment from your 2022 return 
that was credited to your 2023 estimated tax account. For each of the other columns, enter payments made after the previous column’s due 
date and by that column’s due date shown on line 4. 

Computing the Additional Charge
Lines 14 through 17
Payments of estimated tax are applied against any underpayments of required installments in the order that the installments were due.
For example, if your first-quarter installment is underpaid by $100 and you deposit $200 for your second-quarter installment, $100 of your 
second-quarter payment is applied to the first quarter. The additional charge for the first quarter is computed from the first-quarter due date to 
the date the second-quarter payment is made.
Also, the second-quarter installment will then be underpaid by $100 (assuming that the second-quarter required installment is $200) until 
sufficient payments are received to eliminate the underpayment.
If more than one payment has been made for a required installment, attach a separate computation for each payment.
If the due date falls on a weekend or legal holiday, payments electronically made or postmarked the next business day are considered timely.

Alternative Methods
If your income varied during the year, there are two alternative methods of determining the required installment:
•  Adjusted Seasonal Installment Method
•  Annualized Income Installment Method
To use one or both of these methods to figure one or more required installments, complete Schedule A of federal Form 2220 and make the 
following adjustments for Minnesota tax purposes.
Lines 1a, 1b, 1c and 2
Column (a) of these lines should include income for the first two months of each tax year.
Lines 3a, 3b and 3c
Column (a) of these lines should include income for the first three months of each tax year.
Line 10
Use the tax rate of 9.8 percent.
Line 15
Use the alternative minimum tax rate of 5.8 percent.
Line 20
Enter your Minnesota annualization periods, using the following:

                                                                                                                   Continued                1

2023 Schedule M15C Instructions (Continued)

•  In Column (a), enter 2.
•  In Column (b), enter either 2 or 5.
•  In Column (c), enter either 6 or 8.
•  In Column (d), enter either 9 or 11. 
Line 21
Enter your Minnesota taxable income for the periods entered on line 20.  
Line 22
        If your annualization period on line 20 is:                          Your annualization amount for the period is:
                                2                                                                 6
                                5                                                                 2.4
                                6                                                                 2
                                8                                                                 1.5
                                9                                                                 1.33333
                                11                                                                1.09091
Line 24
Use the tax rate of 9.8 percent.
Line 25 
Use the alternative minimum tax rate of 5.8 percent.
Line 35
Enter 25 percent (.25) of line 3 of Schedule M15C in each column. Large corporations: To determine the amounts to enter, see the 
instructions below.
Line 38
Enter the required installments from line 38 on line 5 of this Schedule M15C.
Attach the federal schedule to this schedule if an alternative method is used for any installment.

Large Corporations
A corporation is considered a large corporation if it had Minnesota taxable net income (after apportionment) of $1 million or more in any of 
the three tax years immediately preceding the current year. 
A unitary business is considered a large corporation if the combined Minnesota taxable net income of its members was $1 million or more in 
any of the three tax years immediately preceding the current year.
A large corporation must use 100 percent of its current year’s tax liability as its required annual payment unless an alternative method is used 
for any installment (see previous column). For the first quarter only, the installment may be based on a required annual payment equal to 100 
percent of the prior year’s tax liability. Any resulting reduction in the installment must be added to the second-quarter installment. 
The second, third and fourth installments must be based on a required annual payment equal to 100 percent of the current year’s tax liability 
unless an alternative method is used for any installment (see previous page).

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